BEFORE THE BELL: Turkish Lira on the mend; Cryptocurrency investors in selloff mode again
Global markets are on the mend as the Turkish Lira is climbing again.
Turkey’s Central Bank finally stepped in after the currency plunged further yesterday over tensions with the US. Analysts say, the recovery is helping other markets bounce back as well.
However, Cryptocurrency isn’t getting the same treatment as the market drops 10 per cent overall. This is led by a major selloff in the Cryptocurrency market as investors cash out their online coins for cold hard cash to invest in other assets. Crypto leader Bitcoin reportedly dropped below $6,000 US before climbing just above that mark this morning.
Oil prices are gaining again as Saudi Arabia cuts the flow of crude to prevent overstock globally. The price of US crude is climbing to 67.83 a barrel.
Home Depot is boasting better than expected earnings in its latest quarter. The building supplies chain reported an 8 per cent increase in sales during its second quarter.